Energy Recovery Announces Project Awards in the United Arab Emirates Totaling $11.7 Million

Rhea-AI Summary

Energy Recovery (NASDAQ: ERII) announced contracts worth $11.7 million to supply PX Pressure Exchanger devices to seawater reverse osmosis facilities in the UAE. Shipping is set for Q2 2021, with the devices projected to cut carbon dioxide emissions by over 400,000 metric tons annually, equivalent to removing 90,000 cars from roads. These projects align with the UAE's Water Security Strategy 2036, enhancing sustainable water access. The demand for seawater desalination technology is rising, particularly in the Middle East, indicating a robust market outlook.

Positive

• Contracts worth $11.7 million awarded for PX devices.
• Estimated annual CO2 emission reduction of over 400,000 metric tons.
• Projects support UAE's Water Security Strategy 2036.
• Increasing demand for seawater desalination technology in the Middle East.

Negative

• None.

SAN LEANDRO, CA / ACCESSWIRE / March 18, 2021 / Energy Recovery (NASDAQ:ERII) today announced contract awards totaling $11.7 million to provide its flagship PX® Pressure Exchanger® ("PX") energy recovery devices and related equipment and services to multiple seawater reverse osmosis ("SWRO") desalination facilities in the United Arab Emirates ("UAE"). These orders are currently shipping to customers and are scheduled to be fulfilled by Q2 2021.

Energy Recovery estimates the PXs supplied to these facilities will prevent more than 400,000 metric tons of carbon dioxide emissions per year, equivalent to removing more than 90,000 passenger vehicles from the road annually. The facilities will collectively produce over 680,000 cubic meters of water per day.

These SWRO facilities are part of a larger initiative to expand sustainable access to clean water throughout the UAE under the country's Water Security Strategy 2036. Seawater desalination is critical to meeting water demand in the Middle East, contributing to more than 90 percent of all daily water requirements for the region.

"These contracts are another testament to the strength of our core seawater desalination business and the continued demand we see in the Middle East. In Abu Dhabi, for example, SWRO constituted 16 percent of the Emirate's total desalination technology mix in 2019, an increase of five percent since 2016, with thermal desalination making up the remaining 84 percent," said Rodney Clemente, Energy Recovery's Senior Vice President of Water. "We expect the share of SWRO to continue increasing, driven both by conversions of ageing thermal facilities to more economical SWRO technology and by new build facilities such as Abu Dhabi's Taweelah Reverse Osmosis Independent Water Project, which will be the world's largest SWRO facility once completed."

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the Company's estimates of the reduction in these facilities annual carbon dioxide emissions; the Company's belief that demand will continue in the Middle East; and the Company's belief that SWRO's share of the desalination market will continue to grow. These forward-looking statements are based on information currently available to us and on management's beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Potential risks and uncertainties and any other factors that may have been discussed herein regarding the risks and uncertainties of the Company's business, and the risks discussed under "Risk Factors" in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") for the year ended December 31, 2019 as well as other reports filed by the Company with the SEC from time to time. Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.

About Energy Recovery

Energy Recovery (NASDAQ: ERII) creates technologies that solve complex challenges for industrial fluid-flow markets worldwide. Building on our pressure exchanger technology platform, we design and manufacture solutions that make industrial processes more efficient and sustainable. What began as a game-changing invention for desalination has grown into a global business advancing the environmental sustainability of customers' operations in multiple industries. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing, research and development facilities across California and Texas with sales and on-site technical support available globally. For more information, please visit www.energyrecovery.com.

CONTACT:

Investor Relations
ir@energyrecovery.com
+1 (281) 962-8105

Press Inquiries
pr@energyrecovery.com
+1 (510) 219-8462

SOURCE: Energy Recovery

View source version on accesswire.com:
https://www.accesswire.com/636192/Energy-Recovery-Announces-Project-Awards-in-the-United-Arab-Emirates-Totaling-117-Million

FAQ

What is the value of the contracts announced by Energy Recovery on March 18, 2021?

Energy Recovery announced contracts totaling $11.7 million.

What technology is Energy Recovery supplying to UAE desalination facilities?

Energy Recovery is supplying its PX Pressure Exchanger devices.

How much carbon dioxide emissions will the PX devices help to reduce?

The PX devices are estimated to prevent over 400,000 metric tons of CO2 emissions annually.

What is the purpose of the UAE's Water Security Strategy 2036?

The strategy aims to expand sustainable access to clean water throughout the UAE.

How much water will the facilities using Energy Recovery's technology produce?

The facilities will collectively produce over 680,000 cubic meters of water per day.